Indonesia’s 2024 palm oil exports seen down 4% on year – statement
Indonesian palm oil exports are expected to reach about 29 million metric tons this year, down by roughly 4%, the Indonesia Palm Oil Association (GAPKI) said on Monday.
Palm oil exports by the world’s largest producer of the commodity are expected to fall this year because of higher domestic demand for the vegetable oil as feedstock for biodiesel while production growth remain modest, GAPKI said.
Indonesian palm oil output is expected to rise no more than 5% this year from 2023, GAPKI chairman Eddy Martono said, without giving an estimate of last year’s production volumes.
Indonesia last year introduced a mandatory requirement for 35% palm oil content in biodiesel, up from 30% previously.
With the higher mix, known as B35, Martono said that total domestic demand for palm oil could reach 25 million tons.
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